The present invention relates to a system method, device and apparatus for encouraging the participation of small investors in savings accounts and investment accounts, particularly, this invention relates to coin and currency counting bank machines at which small amounts of coins and paper currency can be deposited for collection and for automatic accounting, recordation of deposited amount, periodic collection and investment in interest-bearing savings accounts or bonds on behalf of the small investor/depositor.
Coins and other small denomination currency are collected in numerous households in jars, piggy banks, drawers, coin trays and the like, which money is seldom collected, counted and placed in savings institutions or investment securities. These small denominations are often in the hands of young people, and the amount is not independently sufficient to provide for the purchase of a savings bond, or a quantity of stocks, or other investment vehicle. Often, the minimum required even for opening a savings account can be significantly larger than the amount of money in these small stashes of coin and low denomination currency.
There are devices into which coins can be fed for separating and organizing the coins into separate denominations by sizes. There are also devices for optically scanning the small denomination currency, in particular one dollar bills, as in various vending machines and the like. In many instances, these sorting and money counting machines are highly reliable and provide a quick, accurate count of the amount of money. For example, coin collection machines at toll booths for toll roads and the like rapidly collect coins and evaluate the value thereof. Such devices have heretofore been utilized only for the purpose of providing goods (as in a vending machine) or services (as in the use of a toll road) in exchange for the money deposited.
There are also ordinary bank accounts into which depositors can place their money, but the deposit of coins and small amounts of money is typically discouraged by the bank tellers, and the human time required to count the value of the coins or small denominations.